Deutsche Boerse sees 450mn euro cost savings in LSE merger

FRANKFURT: Deutsche Boerse AG on Wednesday said it had reached a merger agreement with the London Stock Exchange and saw potential cost savings of 450 million euros ($499 million) per year for the combined company.

"The combination will offer significant value creation potential," Deutsche Boerse said in a statement, calculating total cost savings of 450 million euros per year or about 20 per cent of the combined group's adjusted operating costs of 2.2 billion in 2015, it said in a statement.

The German exchange operator said cost savings were in addition to those already planned by Deutsche Boerse and LSE.